LoJack Corp. has released new data regarding equipment theft in the United States showing construction theft is particularly prevalent in suburban areas where construction growth is widespread and that newer equipment models is stolen most often because of its potential resale value. These and other findings can be found in LoJack’s annual study Construction Equipment Theft and Recovery in the United States.
LoJack’s 2013 study reveals that:
- California remains the highest ranking state in equipment theft as a result of the quantity of construction projects, as well as an international border with access to major shipping ports;
- Light utility vehicles, work trucks and trailers are the most common type of commercial equipment stolen;
- 46 percent of equipment stolen in 2013 was less than five years old;
- In 95 percent of cases, stolen equipment was recovered in the same state that the theft was reported.
“According to the National Insurance Crime Bureau, close to $1 billion a year nationwide is lost due to the theft of construction equipment and tools,” said Courtney DeMilio, associate vice president of LoJack Commercial. “It has become harder to detect construction theft, and combined with the fact that jobsites are often poorly secured, thieves are finding the theft of construction equipment is a lucrative opportunity. As a result, construction and rental businesses are vulnerable and at an increased risk for theft and significant monetary losses as a result of theft.”
Additional findings from the study of stolen and recovered commercial vehicles equipped with a LoJack device include:
- States with the highest occurrence of equipment theft were California, Texas, Florida, Georgia, New Jersey, North Carolina, Arizona, Maryland, Ohio, Colorado, Illinois and New York;
- Most popular types of stolen and recovered equipment were light utility vehicles, work trucks and trailers; backhoe loaders, skip loaders, and wheel loaders; generators, air compressors, welders and light towers; skid-steer loaders; mini-excavators and forklifts;
- The following manufacturers equipment was stolen most often: Ford (31 percent); Bobcat (12 percent); Deere (9 percent); Caterpillar (5 percent); and Case (4 percent).
“LoJack’s data reveals that 44 percent of equipment installed with our system was recovered in less than five hours after being reported stolen,” said DeMilio. “A swift recovery time of equipment is growing in importance, as modern economic conditions have led construction businesses to increasingly rent rather than purchase equipment. The rising demand for heavy duty rental equipment has made rental companies, and the businesses they supply, vulnerable for not only theft, but significant monetary losses as a result of theft.”
For more about LoJack systems, visit, www.lojack.com.